360 video object segmentation (360VOS) aims to predict temporally-consistent masks in 360 videos, offering full-scene coverage, benefiting applications, such as VR/AR and embodied AI. Learning 360VOS model is nontrivial due to the lack of high-quality labeled dataset. Recently, Segment Anything Models (SAMs), especially SAM2 -- with its design of memory module -- shows strong, promptable VOS capability. However, directly using SAM2 for 360VOS yields implausible results as 360 videos suffer from the projection distortion, semantic inconsistency of left-right sides, and sparse object mask information in SAM2's memory. To this end, we propose PanoSAM2, a novel 360VOS framework based on our lightweight distortion- and memory-aware adaptation strategies of SAM2 to achieve reliable 360VOS while retaining SAM2's user-friendly prompting design. Concretely, to tackle the projection distortion and semantic inconsistency issues, we propose a Pano-Aware Decoder with seam-consistent receptive fields and iterative distortion refinement to maintain continuity across the 0/360 degree boundary. Meanwhile, a Distortion-Guided Mask Loss is introduced to weight pixels by distortion magnitude, stressing stretched regions and boundaries. To address the object sparsity issue, we propose a Long-Short Memory Module to maintain a compact long-term object pointer to re-instantiate and align short-term memories, thereby enhancing temporal coherence. Extensive experiments show that PanoSAM2 yields substantial gains over SAM2: +5.6 on 360VOTS and +6.7 on PanoVOS, showing the effectiveness of our method.